Altcoins, especially Ethereum, also experienced sharp declines with the effect of the sale in Bitcoin. ETH, the second largest cryptocurrency by market value, has dropped to $ 1055 today.
How is the outlook in technical analysis?
In our chart, if the Ending Channel formation breaks and the candle closes below it, a retreat to the 900 levels can be seen. If it takes the reaction from the support of the formation and starts the rise, selling pressure may come from the Libra formation at the 1260 level. As long as the daily candle does not close below the 870 level in the medium term, the uptrend continues and a price movement can be observed up to 1600 levels.